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Thursday, September 17, 2015

Depositors in Philippines Lose Money After Online Transactions

 Many depositors in the Philippines had been complaining about losing their money after transacting online or using online banking system...

Online banking can actually be a convenient way of transacting with our banks. You can process payments for your utilities, or send and transfer money anytime you need to. 

One  depositor lost more than Php 100,000 after she used online banking. Turned out the website she used is fake and her money has been transferred to another account according to bank investigation. 

Bank fraud like phishing or scheming are very rampant in Philippines right now. In cases of scheming, where bank websites and atm machines were compromised money is usually returned to their depositor. However if it is phishing, or where account information was given to scammers they will not take responsibility for that. 

The Central Bank of the Philippines is also investigating on this. They are encouraging depositors to reach out to them if the depositor and the bank cannot settle the case.